Reliance Power wants allotment dues before bonus offer

Mumbai, Feb 20 (IANS) Anil Ambani promoted Reliance Power Ltd said Wednesday it wants shareholders to pay the balance amount due on allotted shares before it offers bonus shares. In a communication to the Bombay Stock Exchange, the company said as per the terms of issue, where shareholders chose payment method 1, the balance amount was due on allotment and a notice had been sent to the shareholders to make the balance payment on or before Feb 26, that is, before the proposed bonus issue.

Where the call money is in arrears after the deadline, the company will keep the bonus shares in abeyance, it said.

The statement said that the company promoters have indicated they will waive their entitlement for bonus shares “in the broader interest of protecting and enhancing value for over 4 million institutional and retail investors of the company. Accordingly no bonus shares will be issued and allotted to the promoters.”